XBOOKS Ltd, a UK-based crypto accounting and tax reporting startup, has secured 425,000 pounds ($511,000) in an investment round.

The pre-seed financing round was spearheaded by early-stage investment firm SFC Capital, NexumStp, an Italian tax preparation company and angel investors.

XBOOKS intends to utilize the proceeds raised from the round to consolidate the current markets, focusing on increasing the user base, revenues and team.

Moreover, the company has launched a seed funding round with plans to raise $1.2 million during the year to extend its business into three additional European countries.